TOYO (NASDAQ:TOYO) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of TOYO (NASDAQ:TOYO) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks.com reports.

Several other research analysts also recently weighed in on the company. Wall Street Zen downgraded TOYO from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings downgraded TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.50.

TOYO Trading Down 3.6%

Shares of TOYO stock opened at $4.50 on Wednesday. The company has a market capitalization of $169.97 million, a price-to-earnings ratio of 3.75 and a beta of 1.45. The company has a current ratio of 1.12, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $6.03 and a 200 day moving average price of $9.17. TOYO has a twelve month low of $4.26 and a twelve month high of $17.43.

TOYO (NASDAQ:TOYO) last released its quarterly earnings results on Wednesday, August 19th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.07). The business had revenue of $118.18 million for the quarter, compared to the consensus estimate of $192.57 million. Research analysts forecast that TOYO will post 1.98 earnings per share for the current fiscal year.

Institutional Trading of TOYO

An institutional investor recently bought a new position in TOYO stock. Bank of America Corp DE bought a new stake in TOYO Co., Ltd. (NASDAQ:TOYO) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 18,366 shares of the company’s stock, valued at approximately $135,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

About TOYO

TOYO Co Ltd. engages in the design, manufacture, and sale of solar cells and modules. It is involved in integrating the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and potentially other stages of the solar power supply chain. The company was founded on November 8, 2022 and is headquartered in Tokyo, Japan.